Description
IndusInd Bank is one of the premier ‘next-gen’ private sector banks in India. The bank offers flexible personal loans for salaried and self-employed individuals under multiple categories, such as Personal Loans for Medical Expenses, Personal Loan for Education, Personal Loan Balance Transfer, Personal Loan for Wedding, and Personal loan for Home Renovation, to cater to their specific needs. You can get a personal loan from Rs. 50,000 up to Rs. 25 lakh from IndusInd bank with minimum documentation and competitive interest rates. You can repay the loan as per your convenience through various repayment modes – IndusInd Bank account debit or ECS from other bank you have accounts with – during the loan tenure ranging from 1 to 5 years. The bank offers free of cost doorstep services, and you don’t need to provide collateral to get a personal loan from IndusInd bank.
IndusInd Bank personal loan eligibility criteria
IndusInd Bank offers a personal loan for both salaried professionals and self-employed individuals at attractive interest rates. Borrowers need to meet the following eligibility criteria to get a personal loan from IndusInd Bank.
IndusInd Bank personal loan eligibility criteria for salaried professionals:
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Age |
|
|
Minimum income |
Net monthly income should be at least Rs. 25000 |
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Credit score |
Should have a good credit score |
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Total work experience |
Should have a minimum of 2 years of work experience and a minimum of 1 year in the current organisation |
|
Loan tenure |
From 12 to 60 months |
|
Residential status |
Any Indian |
|
Interest rate |
11.25% onwards |
Eligibility criteria for self-employed professionals:IndusInd Bank personal loan
Self-employed professionals include doctors (MBBS and higher degree), Architects, Chartered Accountants, Company Secretaries, Engineers and MBA consultants.
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Age |
|
|
Minimum income |
Net monthly income post tax should be at least Rs. 4.8 lakh per annum |
|
Credit score |
Should have a good credit score |
|
Total work experience |
Should have a minimum of 4 years of work experience post degree |
|
Loan tenure |
From 12 to 60 months |
|
Residential status |
Any Indian |
|
Interest rate |
11.25% onwards |
IndusInd Bank personal loan eligibility criteria for self-employed individuals:
Self-employed non-professionals include sole proprietors, directors and partners in the business of manufacturing, trading or services.
|
Age |
|
|
Minimum income |
Net monthly income post tax should be at least Rs. 4.8 lakh per annum |
|
Credit score |
Should have a good credit score |
|
Total work experience |
Should have 5 years of work experience |
|
Loan tenure |
From 12 to 60 months |
|
Residential status |
Any Indian |
|
Interest rate |
11.25% onwards |
What are the top factors that affect your bank personal loan eligibility?
Age: Age is a very important factor that influences your eligibility for a personal loan. Younger applicants who are in their early 20s are more likely to qualify for a personal loan than people who are in their 50s, because young ones have enough time to earn and repay the loan.
Monthly income: Your income is the direct reflection of your repayment capacity. Generally, income depends on the city you live in and the lenders you are applying with. The higher your income, the better for you.
Credit score: Since a personal loan is an unsecured loan, your credit score plays a crucial role in your application for a personal loan. Your credit score shows how responsible you are in handling your debts. Generally, a credit score of 750 or above is considered perfect for a personal loan.
Job and work stability: Job stability and the organisation you work with are amongst the most important factors that lenders look into before processing a personal loan application. It gives a clear picture of a regular stream of income. Salaried individuals should have at least 2 years of work experience and should have worked for at least 1 year in their job. A self-employed person needs to have a minimum of 5 years of total experience and at least 2 years of experience in their current business.
Documents required for bank personal loan
Here is the checklist of documents required for a personal loan from IndusInd bank:
For salaried employees
- Identity proof: Passport / Driving license / Voters ID / PAN card /Aadhaar card
- Address proof: Leave & License Agreement/ Ration card /Utility bill (not more than 3 months old) / Passport - provided the passport has the present address mentioned in the loan application form
- Income proof: Salary slips for the last 3 months along with salary certificate and latest Form 16
- Bank statement: Bank statement showing salary being credit for the last 3 months
For self-employed professionals
- Identity proof: Passport / Driving license / Voters ID / PAN card /Aadhaar card
- Address proof: Leave & License Agreement/ Ration card / Sales tax certificate / Utility bill (not more than 3 months old) / Passport - provided the passport has the present address mentioned in loan application form
- Business address proof
- Proof of qualification: Highest professional degree
- Latest 2 years ITR along with computation of income, B/S, P&L a/c with all schedules audited by a Chartered Accountant
- Bank statement: Business (current account) statement for latest 6 months
- Profession continuity proof
For self-employed individuals
- Identity proof: Passport / Driving license / Voters ID / PAN card /Aadhaar card
- Address proof: Leave & License Agreement/ Ration card / Sales tax certificate / Utility bill (not more than 3 months old) / Passport - provided the passport has the present address mentioned in loan application form
- Business address proof
- Latest 2 years ITR along with computation of income, B/S, P&L a/c with all schedules audited by a Chartered Accountant
- Bank statement: Business (current account) statement for latest 6 months
- Business continuity proof
- Additional documents:
- Sole proprietorship declaration
- In case of partnership: Certified copy of partnership deed /certified copy of MOA, AOA and Board resolution
- Latest 2 years partnership firm's B/S, P&L a/c with all schedules certified by a CA in case income comes from partnership firm
How to apply for IndusInd bank personal loan through Afinoz?
Applying for a personal loan on Afinoz is very easy. You can apply for a personal loan by clicking ‘Apply Now’ button on the personal loan page. Now fill the short and simple personal loan application form to check your eligibility. You will receive exclusive offers from multiple lenders, including IndusInd bank, based on your eligibility. As per the requirements and offers, you can apply for a personal loan from IndusInd bank.
Why Afinoz?
Afinoz is a one-stop destination for customised rate quotes on loans and investment products in India. The company is owned by DS Finworld Pvt. Ltd. Our objective is to make personal financial decisions easy, seamless, and transparent for our customers. We have designed a system that provides comprehensive results and enables customers to compare products simultaneously so that they can access the right product.